ICE canola futures weaken against soyoil

WINNIPEG, Manitoba, May 14 (Reuters) - ICE canola futures were mixed on Wednesday as the market digested what U.S. biofuels policies and the U.S.-China trade deal could mean for U.S. soybeans.

• July canola RSN5 settled down $7.80 at $721.50 per metric ton. November RSX5 settled up $2.30 at $692.10.

• Nearby canola futures have been trading with an up-down, up-down pattern since May 7, but gradually grinding higher and are at 18-month highs for the July contract.

• Chicago Board of Trade soyoil futures BOv1 rose 1.40% on optimism about the U.S.-China trade ceasefire and on biofuels rules favouring soyoil compared to canola. Canola has been weakened by the 45Z biofuels credit rules, which make canola a less attractive feedstock compared to soyoil, traders said.

• Euronext August rapeseed futures COMQ5 fell 1.12%. Malaysian palm oil futures FCPOc3 rose 0.77% to mark a fourth straight gain from eight month lows. POI/

• The Canadian dollar CAD= weakened. CAD/